ITT (NYSE:ITT) Issues Earnings Results

ITT (NYSE:ITT) released its earnings results on Friday, February 16th. The conglomerate reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.05, Bloomberg Earnings reports. The business had revenue of $683.60 million for the quarter, compared to analysts’ expectations of $635.71 million. ITT had a net margin of 4.39% and a return on equity of 14.65%. The company’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period last year, the company earned $0.48 earnings per share. ITT updated its FY18 guidance to $2.85-3.15 EPS.

Shares of ITT (NYSE ITT) opened at $52.47 on Tuesday. The stock has a market cap of $4,698.41, a P/E ratio of 20.57, a PEG ratio of 1.39 and a beta of 1.59. ITT has a 12 month low of $36.93 and a 12 month high of $57.62.

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The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Monday, March 12th will be paid a dividend of $0.134 per share. The ex-dividend date is Friday, March 9th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 1.02%. This is a positive change from ITT’s previous quarterly dividend of $0.13. ITT’s dividend payout ratio (DPR) is currently 42.19%.

In other news, CFO Thomas M. Scalera sold 9,215 shares of ITT stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $49.77, for a total transaction of $458,630.55. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.20% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Xact Kapitalforvaltning AB bought a new stake in shares of ITT in the fourth quarter worth $415,000. Envestnet Asset Management Inc. increased its stake in shares of ITT by 91.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,452 shares of the conglomerate’s stock worth $238,000 after buying an additional 2,128 shares during the last quarter. Halsey Associates Inc. CT bought a new stake in shares of ITT in the fourth quarter worth $260,000. Segall Bryant & Hamill LLC increased its stake in shares of ITT by 14.1% in the fourth quarter. Segall Bryant & Hamill LLC now owns 423,674 shares of the conglomerate’s stock worth $22,611,000 after buying an additional 52,202 shares during the last quarter. Finally, MetLife Investment Advisors LLC bought a new stake in shares of ITT in the fourth quarter worth $2,972,000. Institutional investors and hedge funds own 94.22% of the company’s stock.

ITT announced that its board has initiated a share repurchase plan on Friday, February 16th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the conglomerate to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

A number of research analysts have weighed in on the stock. UBS Group assumed coverage on shares of ITT in a research report on Tuesday, January 23rd. They set a “sell” rating and a $55.00 price target on the stock. Zacks Investment Research cut shares of ITT from a “buy” rating to a “hold” rating in a research report on Tuesday, January 23rd. ValuEngine raised shares of ITT from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Oppenheimer reaffirmed a “buy” rating and set a $60.00 price target on shares of ITT in a research report on Thursday, January 18th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $63.00 price target (up from $60.00) on shares of ITT in a research report on Tuesday, January 16th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. ITT presently has a consensus rating of “Buy” and a consensus price target of $55.88.

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About ITT

ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.